Top Quotes From BAI Payments Connect

Six quotes on fraud, mobile and all things payments from this past weeks' BAI Payments Connect conference.

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Payments players convened this week for the annual BAI Payments Connect conference, where fraud and mobile payments were among the hot topics. Industry experts discussed the emerging mobile payments market, the use of big data in customer experience and fraud monitoring, the future of EMV and how to counter fraudsters when they hit the mobile channel. Here are some of the interesting observations and predictions that emerged from those discussions.

On the evolution of fraud:

We're seeing the level of innovation [from fraudsters] is at least as great as the level of innovation in prevention. And that's obviously a very scary thing.

Michael Braatz, Senior VP and Product Line Manager, ACI Worldwide

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

Riley's point is interesting, that essentially it is impossible to fully secure the mobile device. Behaviorial monitoring and analytics, being able to detect suspicious activity quickly, can be very effective, not just for mobile but all types of financial fraud. Essentially" Know your customer, but a complete view of each and every customer is a difficult thing to get to.

I have to admit I am one of the consumers who will expect the mobile wallet to work everywhere that is "contextually important" in my life, as Todder Moning points out. I think most consumers will be more keen on the idea of having a mobile wallet if it functions like a credit card -- that there are security features built in and we can use it everywhere without having to carry cash or other credit cards. Otherwise, what is the purpose? Personally, as it is, I have a hard time patronizing businesses that don't allow me to use my credit card easily to pay. For me, quick and easy payment methods are attractive, and a mobile wallet that can help that process will be welcomed.